80TH STREET BUSINESS PARK1111 80th Street SW, Everett, WA
Acquisition & Disposition
Transaction Size: 83,118 SF
Sale Price: $8,325,000 ($100.16 PSF)
80th Street Business Park was developed in 1998 and is adjacent to the Boeing Everett Facility at Paine Field. The property was identified and a development team was put together by NAI Puget Sound Properties (NAI-PSP). The Developers/Owners enjoyed the property for the next 15 years while it was kept leased out by the NAI-PSP leasing team. In late 2013, the property loan was to come due and the Ownership group was facing multiple lease expirations.
In late 2012, NAI-PSP reengaged the property with a multi-prong solution to solve the upcoming issues. The first step was to condominiumize the project as the building was demised well into various sized suites. The team had successfully completed other condo projects in the past and had the needed experience to guide the Ownership group. Secondly, the property was marketed for both Lease and Sale in the smaller condominium sizes. The market was slow at this time and there was a premium for smaller Owner/User sales. The ownership group was able to pick and choose the result that best benefited it because of the flexible leasing and sales options presented. In the end, NAI-PSP was able to identify an Owner/User that purchased the entire building well before the loan maturity.